Outokumpu Oyj · OMXHEX:OUT1V
Outokumpu Oyj — Outokumpu Oyj New — Q2 2026 Earnings Presentation
25 slides from Outokumpu Oyj's earnings presentation, Jul 30, 2026
Slide 1: Pioneering materials and technologies that power tomorrow
Pioneering materials and technologies that power tomorrow Outokumpu Q2 2026 results Kati ter Horst, President & CEO Marc-Simon Schaar, CFO July 30, 2026 Low-CO2 enriched ferrochrome produced in Outokumpu's laboratory.
Slide 2: Disclaimer
2 July 30, 2026 Disclaimer This presentation contains, or may be deemed to contain, statements that are not historical facts but forward-looking statements. Such forward-looking statements are based on the current plans, estimates and expectations of Outokumpu’s management based on information avail
Slide 3: Kati ter Horst, President & CEO
3 July 30, 2026 Kati ter Horst, President & CEO Weilong Winery I Australia
Slide 4: Improved profitability while progressing on EVOLVE growth strategy
4 July 30, 2026 Improved profitability while progressing on EVOLVE growth strategy • Adjusted EBITDA increased to EUR 100 million, driven by an improvement in BA Europe. • BA Americas continued its strong performance, while Group adjusted EBITDA, EUR million BA Ferrochrome improved further. 100 • Re
Slide 5: Imports into Europe well below last year due to CBAM and new safeguards
5 July 30, 2026 Imports into Europe well below last year due to CBAM and new safeguards 40 30 26% 20 17% 10 2023 2024 2025 Q1 2026 Q2 2026 North Europe The U.S. America European parliament building I Brussels, Belgium
Slide 6: Market sentiment Q2 vs Q1
6 July 30, 2026 Market sentiment Q2 vs Q1 Industrial Transport Consumer & Food Construction Europe: Europe: Europe: Europe: Energy improved Heavy transport stable Appliances stable at low HVAC improved Oil & gas stable at low levels Automotive declined levels Datacenters improved Chemical stable at
Slide 7: Delivery volumes supported by policy measures in Europe
7 July 30, 2026 Delivery volumes supported by policy measures in Europe BA Europe, stainless steel deliveries BA Americas, stainless steel deliveries BA Ferrochrome deliveries 1,000 tonnes 1,000 tonnes 1,000 tonnes 372 349 339 316 324 177 166 161 120 153 147 114 104 101 90 Q2/22 Q2/23 Q2/24 Q2/25 Q2
Slide 8: The global sustainability leader in stainless steel
8 July 30, 2026 The global sustainability leader in stainless steel Safety performance, TRIFR • Safety performance improved with 8.7 1.4 TRIFR in Q2. 4.4 4.1 3.2 2.4 2 1.8 1.5 1.5 1.8 1.8 1.4 • High 96% recycled material content and 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 Q2 continued p
Slide 9: Marc-Simon Schaar, CFO
9 July 30, 2026 Marc-Simon Schaar, CFO Pearl International Finance Center I China
Slide 10: Adjusted EBITDA increased further, strong financial position maintained
10 July 30, 2026 Adjusted EBITDA increased further, strong financial position maintained • Adjusted EBITDA increased to EUR 100 Adjusted EBITDA, EUR million million, mainly driven by BA Europe. 100 • Strong financial performance in BA Americas continued, while BA Ferrochrome improved further. 50 • O
Slide 11: BA Europe
11 July 30, 2026 BA Europe Profitability improved on higher deliveries and improved margins Adjusted EBITDA, EUR million • European producers continued to 59 28 benefit from CBAM and the new 6 16 17 safeguard measures, however end- -12 -13 use demand remained sluggish. -32 -56 • Profitability increa
Slide 12: BA Americas
12 July 30, 2026 BA Americas Continued strong financial performance supported by higher selling prices Adjusted EBITDA, EUR million • US demand remained good, 52 53 supported by strength in several 31 29 30 industrial segments, while activity in 21 11 5 9 the Mexican market somewhat improved. Q2 202
Slide 13: BA Ferrochrome
13 July 30, 2026 BA Ferrochrome Profitability improved on higher selling prices and deliveries Adjusted EBITDA, EUR million • Solid demand for Outokumpu's low- 43 42 emission European offering. 33 32 37 29 30 • Profitability increased as higher selling 22 21 prices and 4% higher deliveries more than
Slide 14: Operating cash flow remained solid and net debt improved
14 July 30, 2026 Operating cash flow remained solid and net debt improved • Operating cash flow solid at EUR 85 million, supported by improved result and working capital management. • Net debt decreased despite dividend payment of EUR 28 million and leverage ratio improved to 1.1x. Q2/26 cash flow,
Slide 15: Kati ter Horst, President & CEO
15 July 30, 2026 Kati ter Horst, President & CEO Finken Bridge I Helsinki, Finland
Slide 16: Outlook for Q3 2026
16 July 30, 2026 Outlook for Q3 2026 Group stainless steel deliveries in the third quarter are expected to decrease by 0-10% compared to the second quarter due to seasonality in business area Europe. Based on the current order book, the net impact of realized prices and raw material costs is expecte
Slide 17: Progressing on EVOLVE growth strategy
17 July 30, 2026 Progressing on EVOLVE growth strategy Advancing into high-nickel alloys Pilot plant in the U.S. Starting an investment program in high-nickel alloys, Scale-up of proprietary building on the existing Advanced Materials business. technology to produce low- This investment adding ~13 k
Slide 18: Key messages
18 February 8, 2024 July 30, 2026 Key messages • Adjusted EBITDA increased to EUR 100 million, supported by improved market fundamentals across all three business areas. • Adjusted EBITDA in Q3 expected to be at a similar level despite seasonality in Europe. • Financial position remained strong and
Slide 19: Thank you! Questions & answers
19 July 30, 2026 Thank you! Questions & answers Our achievements in sustainability have been globally recognized
Slide 20: Stainless steel and nickel prices
20 July 30, 2026 Stainless steel and nickel prices Transaction prices 304 stainless, USD/tonne* Nickel LME cash, USD/tonne June June 6000 30000 25000 4000 20000 15000 2000 10000 5000 2023 2024 2025 2026 2023 2024 2025 2026 Europe The U.S. China Source: CRU Stainless Steel Flat Products Monitor June
Slide 21: Adjusted EBITDA was EUR 100 million in Q2 2026
21 July 30, 2026 Adjusted EBITDA was EUR 100 million in Q2 2026 Adjusted EBITDA quarter-on-quarter comparison1, EUR million Increased deliveries and higher selling prices Higher average sales prices largely offset by higher raw material costs 100 65 Net of pricing, Net of Q1/26 Deliveries mix and ra
Slide 22: BA Europe's adjusted EBITDA was EUR 17 million in Q2 2026
22 July 30, 2026 BA Europe’s adjusted EBITDA was EUR 17 million in Q2 2026 Adjusted EBITDA, EUR million Adjusted EBITDA quarter-on-quarter comparison1, EUR million Higher net fixed cost absorption 16 17 -12 -13 Higher raw material costs 17 -56 -13 Q2/2025 Q3/2025 Q4/2025 Q1/2026 Q2/2026 Q1/26 Delive
Slide 23: BA Americas' adjusted EBITDA was EUR 53 million in Q2 2026
23 July 30, 2026 BA Americas’ adjusted EBITDA was EUR 53 million in Q2 2026 Adjusted EBITDA, EUR million Adjusted EBITDA quarter-on-quarter comparison1, EUR million Costs increased predominantly due Higher selling prices to higher freight costs and non- due to higher alloy conforming material costs
Slide 24: BA Ferrochrome's adjusted EBITDA was EUR 37 million in Q2 2026
24 July 30, 2026 BA Ferrochrome’s adjusted EBITDA was EUR 37 million in Q2 2026 Adjusted EBITDA, EUR million Adjusted EBITDA quarter-on-quarter comparison1, EUR million Higher variable Ferrochrome sales costs incl. freight price increased 42 37 37 32 30 30 21 Q2/2025 Q3/2025 Q4/2025 Q1/2026 Q2/2026
Slide 25: Smart decarbonization unlocking new business opportunities
25 July 30, 2026 Smart decarbonization unlocking new business opportunities 2016–2024 2025 RESULTS 2030 TARGET High recycled material content, low- - 33% - 42% • Cost avoidance from emission energy, energy efficiency and 1.39 tCO2/ton CS tCO2/ton CS lower CO2 emissions as incremental process improve